What if Government bans Bitcoins? - page 32.

Kimberley_Isham

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Quote from: rolls89 on March 08, 2018, 01:07:53 PM

Looking at the decentralized nature of crypto-currencies,Wonder if govt bans Bitcoins in future??Is it possible let's say by blocking all sites which relate to Bitcoin wallets/payments etc over the internet.In that case what would happen to our existing coins held in those wallets??

I'm sure that goverments will not be able to block all sites and hack wallets. The principle of decentralization protects us.
Despite the fact that many states are trying in every possible way to prohibit the crypto currency, they simply can not stop the interaction of citizens with the network.
Thus, to prohibit bitcoin is simply useless, since its code will correspond more quickly than the next ban on its use will be ready.
Even the most severe punishments and prohibitions, do not stop users, but only warm up their interest in the crypto currency.

ultra insting

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Very unfortunate If it happens about the ban, but I think it will not happen if there is a gap to open up opportunities for bitcoin

MileyPeardon

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Highly unlikely. It is best to allow it and tax it, and create incentives to use local currency instead. There will be uproar with prohibition.

macartem

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Quote from: rolls89 on March 08, 2018, 01:07:53 PM

Looking at the decentralized nature of crypto-currencies,Wonder if govt bans Bitcoins in future??Is it possible let's say by blocking all sites which relate to Bitcoin wallets/payments etc over the internet.In that case what would happen to our existing coins held in those wallets??

I think not, because they don't have the authority to do it. Still, people will find ways to circumvent all prohibitions

Tduty

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Governments ban bitcoin means in your country's government or the whole world's governments? If you are talking about your country's government, Then that will be no problem for bitcoin and your wallet will be safe like before. Because bitcoin is a digital currency, your wallet is in online, So, if your country government ban bitcoin, then still you can use bitcoin wallet by VPN or other proxy sites. If you asking about the unite governments of the world ban bitcoin then that will be a huge problem for the bitcoin and crypto markets.

cizatext

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Well for the government to be able to ban bitcoin then it will have to ban the internet first because without that there is no way the government can ban bitcoin transactions because the internet is the lifewire of all online connection and bitcoin being a highly decentralized commodity is stored on the internet.

riptv

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If my government bans bitcoins , than I would actually continue my life , maybe it does bit matter but not so much , so I will live without bitcoin , and I am not going to loose big things maybe comparing with someone who has invested a lot in bitcoin !! Tongue

sky4242

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In the past many countries have prohibited bitcoin. Because of the Bitcoin online currency, many governments are worried about this currency. So they are not using bitcoin. Bitcoin will be banned if people will lose the great opportunity to get up.And this will have an impact on the meaning of money. It is not good for a person, society, nation or country.

Ravion

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Bitcoin can't really be banned. It's on the internet. If people really want to use it they can. Is the government going to ban Bitcoin mining?
Sure, they can ban mining within their country. For example, Venezuela has banned imports of all mining equipment into the country a few months ago. But as long as Bitcoins are being mined somewhere the people can keep exchanging Bitcoins.
If a government bans Bitcoins in that country, most people wouldn't use it, as they would want to be law abiding citizens. But some people would still continue to use it.

#CR7

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Nothing will happen I think. Because, Bitcoin is still not legalize in my country and we don't know gone it will be legalized. By the overdoing, nevertheless we are using this. We know, it is a dangerous one but we high regard crypto. Government can make known many things, anything doesn't affable but we way to our own decision for each and every one one moment of our computer graphics. We have a other and we have rights to get sticking to of any things for ourselves to along as well as a glad computer graphics.

EEE14

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This risky however incredible undertaking, I mean crypto, won't bite the dust and won't be vanquished! I am certain that he government will sometime acknowledge it as the best money choice being helpful and safe. A ton of nations have accepted it

safarabela

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Quote from: rolls89 on March 08, 2018, 01:07:53 PM

Looking at the decentralized nature of crypto-currencies,Wonder if govt bans Bitcoins in future??Is it possible let's say by blocking all sites which relate to Bitcoin wallets/payments etc over the internet.In that case what would happen to our existing coins held in those wallets??

The government forbids people to use bitcoin as a means of payment because the state has a legitimate currency. The government only prohibits the use of bitcoin as a payment system.

Sergey698698

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the government takes a long time to ban bitcoin, because the longer the more users.
so i guess that will not happen .

ellehcar

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If the government bans bitcoin and other cryptocurrencies, it will definitely lose its value. If they declare it as an illegal commodity to own or to use, then people would be daunted to do so and they would lose interest in it. Frankly speaking, it isn’t far from the reality since the government sees it as a great competitor. Their economic power through the use of fiat currency is weakened with the emergence of digital currencies, since they don’t have exact control over it. But if this happens, I think, a lot of people will resort to strikes, especially now that bitcoin is gaining awareness and recognition about its numerous advantages and benefits over local currencies. Let’s just pray that the most that the government will do with it is to regulate, not ban.

kumarrajuiitd

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Quote from: odolvlobo on March 08, 2018, 01:36:24 PM

Quote from: rolls89 on March 08, 2018, 01:07:53 PM

Looking at the decentralized nature of crypto-currencies,Wonder if govt bans Bitcoins in future??Is it possible let's say by blocking all sites which relate to Bitcoin wallets/payments etc over the internet.In that case what would happen to our existing coins held in those wallets??

It is possible for governments to ban the use of cryptocurrencies. In fact, I think it is likely. (https://bitcointalksearch.org/topic/my-prediction-by-2025-the-us-will-ban-all-use-of-non-regulated-cryptocurrenc-3078312). Many things are prohibited by governments (drugs, for example), but whether or not a ban would be effective or not depends on many factors.

In any case, the primary result of a ban by the U.S. and other countries would be a drop in the price. If very few people use cryptocurrencies as a result of the ban, then they would not be very valuable.

Government can ban bitcoin but its transactions can not be stopped. For this internet has to be ban. The banning of individuals country of bitcoin will give the opportunity to other country to regulate it and causing transferring of crypto business.

alexlee4694

newbie

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Some countries were already banned bitcoin, but the're still countries that bitcoin is alive because government don't know what to do bitcoin. That's why some countries are banned bitcoin because they scared that someday can't control the proliferation of bitcoin to their country.

gbsray

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Governments will begin to ban Bitcoin as soon as they feel a real threat from it. So far, despite the huge capitalization, BTC does not pose a threat to the main payment methods.

oni4an

sr. member

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They can certainly forbid, that's right. But how will they be guided? Now everyone is trying to earn a cryptocurrency, not to forbid it. I think, if there are literate financiers in the country, they will not forbid anything.

nabilanur

member

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I think any government would go that way on reject bitcoin. they may simply stop working their native exchanges however be block all sites with reference to cryptocurrencies ar not possible. Granted that they're going to bang, they cannot stop individuals from victimization bitcoin as there ar some ways to try to to it; like what the Silkroad guys do.

manojnilanga

newbie

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Banning cryptocurrencies can done by governments if it is necessary. But it will not stop the people from using cryptocurrencies because of the decentralized nature of the cryptocurrencies. But the problem is, if main countries like USA, european countries ban cryptocurrencies, it will reduce the value of the cryptocurrencies. Shocked

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